The stark rise in car insurance and business car insurance premiums, which was predicted by Norwich Union at the end of 2006 has not materialised.
One of the UK’s biggest car insurers, Norwich Union had stated that in 2007 premiums would have to rise by 16% in order to cover the cost of increased claims. However, the latest AA British Insurance premium index indicates a rise of only 5.9% in comprehensive car insurance cover throughout the year.
The reason given for the halt in premium rates was the much fiercer competition engendered between the UK’s top online insurance companies.
Typically, the report stated, UK drivers paid an average of
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